We're All Subprime Now!

OCC: More Seriously Delinquent Prime Loans than Subprime
http://www.calculatedriskblog.com/2009/04/occ-more-seriously-delinquent-prime.html

This report covers about two-thirds of all mortgages. There are far more prime loans than subprime loans - and the percentage of delinquent prime loans is much lower than for subprime loans. However, there are now more prime loans than subprime loans seriously delinquent. And prime loans tend to be larger than subprime loans, so the losses from each prime loan will probably be higher.

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Prime, subprime - what's the fucking difference?